.@Truthcoin drops a stunner on Bitcoin's long term security budget. Outstanding as usual
http://www.truthcoin.info/blog/security-budget/ …
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Lower hash rate isn’t less secure? Huh?
Was the hashrate 1/1,000th less secure a few years ago when the hashrate was only 1,000th that of today? No, the hashrate contributed about as much to security then as it does now.
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Nick, I’ve reread this tweet 10x and thought about for 10 minutes and I’m genuinely perplexed. Do you mind expanding on this? Seems to me that if the hashrate dropped to 1/1000th of what it is today the chain would in fact have *less* than 1/1000th the security.
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Short-term changes & attacks are very different from long-term ones. If miner revenues are 10* lower in 2048 the hashrate will very likely not be nearly that much lower, with more energy efficient ASICS. so there's no take-machines-out-of-storage attack.
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Isn’t the issue the hashrate as a % of global hashrate available for crypto mining? PoW altcoins that have 1/1,000th of BTC’s hashrate today are not secure partly because of high 51% threat
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Sure, but that's a very different argument than Sztorc and others I've seen worried about uture hashrate have been making. You have to assume there's some other chain using Bitcoin PoW that people are more attracted to despite having to pay a higher seignorage to hold it.
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Why do you think it was not less secure? I think it was, but not because of the lower hashrate but because of the lower miner revenue thus the lower cost securing the network.
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Security is as a result of game theory. Irrespective of the total amount of hashing power, Bitcoin's security is dependant on the majority of users valuing bitcoins and therefore wanting the Bitcoin system to operate successfully.
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Agree, as long as mining remains truly decentralized and fair.
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The cost of a 51% would be less if hashrate is lower, correct? Or am I missing something?
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yes?
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